1997 News Story

New company for mineral prospecting

The formation of a new company has been announced, with around fifty Saudi businessmen and investors agreeing to form the first private company in the Kingdom for prospecting minerals. Its capital will be SR 375 million (U.S. $ 100 million), and its mineral concession will be in southern Saudi Arabia for a period of thirty years, with an expected turnover per year of 700,000 tons of minerals, including 58,000 tons of zinc, 145,000 tons of copper, 22,000 ounces of gold and 800,000 ounces of silver. The reserve the project is targeting is estimated to have around 7.2 million tons of raw minerals.